Korea Investment CORP Acquires 111,200 Shares of Dayforce, Inc. $DAY

Key Points

• Korea Investment CORP significantly increased its stake in Dayforce, Inc. by 237.2%, acquiring an additional 111,200 shares, bringing its total ownership to 158,079 shares valued at approximately $9.22 million.
• Dayforce reported a 9.8% increase in revenue year-over-year with earnings per share of $0.61, surpassing analysts' expectations of $0.52 during its most recent quarterly earnings.
• Analysts are optimistic about Dayforce's prospects, with a consensus rating of "Moderate Buy" and a target price of $70.57, while research firms have set price targets ranging from $61.00 to $95.00.

Korea Investment CORP grew its holdings in shares of Dayforce, Inc. (NYSE:DAY - Free Report) by 237.2% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 158,079 shares of the company's stock after buying an additional 111,200 shares during the period. Korea Investment CORP owned approximately 0.10% of Dayforce worth $9,221,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. National Pension Service boosted its holdings in shares of Dayforce by 74.5% during the 1st quarter. National Pension Service now owns 541 shares of the company's stock worth $32,000 after buying an additional 231 shares in the last quarter. Mather Group LLC. boosted its holdings in shares of Dayforce by 196.9% during the 1st quarter. Mather Group LLC. now owns 962 shares of the company's stock worth $56,000 after buying an additional 638 shares in the last quarter. Covestor Ltd boosted its holdings in shares of Dayforce by 15.6% during the 1st quarter. Covestor Ltd now owns 1,430 shares of the company's stock worth $83,000 after buying an additional 193 shares in the last quarter. Mufg Securities Americas Inc. bought a new position in shares of Dayforce during the 4th quarter worth approximately $169,000. Finally, CX Institutional bought a new position in shares of Dayforce during the 1st quarter worth approximately $190,000.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on DAY shares. William Blair cut Dayforce from an "outperform" rating to a "hold" rating in a report on Wednesday. Citigroup upped their target price on Dayforce from $68.00 to $70.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Needham & Company LLC lowered Dayforce from a "buy" rating to a "hold" rating and set a $95.00 target price on the stock. in a research report on Friday. Deutsche Bank Aktiengesellschaft upped their target price on Dayforce from $60.00 to $70.00 and gave the stock a "hold" rating in a research report on Friday. Finally, Jefferies Financial Group upped their target price on Dayforce from $60.00 to $70.00 and gave the stock a "hold" rating in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $72.14.

Dayforce Stock Up 0.3%

NYSE DAY traded up $0.1750 on Friday, reaching $69.1750. The company had a trading volume of 5,247,516 shares, compared to its average volume of 3,564,479. The stock has a market capitalization of $11.05 billion, a P/E ratio of 58.15, a P/E/G ratio of 2.60 and a beta of 1.11. The company's fifty day moving average is $57.28 and its 200 day moving average is $58.04. Dayforce, Inc. has a 52-week low of $48.01 and a 52-week high of $82.69. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.23.

Dayforce (NYSE:DAY - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.09. Dayforce had a return on equity of 7.37% and a net margin of 2.65%.The firm had revenue of $464.70 million during the quarter, compared to analyst estimates of $457.83 million. During the same period last year, the firm posted $0.48 EPS. The business's revenue was up 9.8% compared to the same quarter last year. Sell-side analysts anticipate that Dayforce, Inc. will post 1.48 earnings per share for the current fiscal year.

Insider Transactions at Dayforce

In other news, EVP William Everett Mcdonald sold 2,059 shares of the stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $55.01, for a total transaction of $113,265.59. Following the completion of the transaction, the executive vice president owned 103,684 shares in the company, valued at approximately $5,703,656.84. This represents a 1.95% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Samer Alkharrat sold 4,659 shares of the stock in a transaction on Friday, July 25th. The stock was sold at an average price of $59.69, for a total value of $278,095.71. Following the transaction, the executive vice president owned 127,632 shares of the company's stock, valued at $7,618,354.08. The trade was a 3.52% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,382 shares of company stock worth $539,860. 4.50% of the stock is owned by company insiders.

About Dayforce

Dayforce Inc, together with its subsidiaries, operates as a human capital management (HCM) software company in the United States, Canada, and internationally. It offers Dayforce, a cloud HCM platform that provides human resources, payroll and tax, workforce management, wallet, benefits, and talent intelligence functionalities; and Powerpay, a cloud HR and payroll solution for the small business market.